MCX gold showed a sharp fall from the high of 34000 in the beginning of 2019 and we were bang on accurate in mentioning the important support from where a reversal was possible. Post making a low near 31000 exactly the level that we mentioned prices witnessed a sharp reversal on the upside. We were able to capture the moves just with the help of Elliott wave.
Now below chart was published in “The Financial Waves Monthly update” with detailed analysis:
MCX Gold Continuous Daily chart: (Anticipated as on 04th April 2019)
MCX Gold Continuous Daily chart: (Happened as on 03rd July)
(Below is the extract of research from the Monthly report published in “The Financial Waves Monthly update”)
Anticipated as on 04th April 2019: As shown on the daily chart, Wave 3 of Intermediate degree is ongoing on the upside. Wave 3 is in the form of Diametric pattern and is corrective as it is a part of Ending Diagonal pattern. Minor degree wave (e) is completed on the upside and the next leg of Diametric pattern in the form of wave (f) is ongoing. Prices have retraced exactly 61.8% of wave (e) and a move towards 31000 can be expected over the short term which is 76.4% retracement of wave (e).
So expect Gold to move in a broad range over short term with support near 31000 levels and then a pullback on upside can be witnessed back towards 33000 or higher levels, so one can accumulate Gold near 31000 to 30500 levels with 29600 as a very important support for a move towards 33000 or higher levels.
Happened- Prices moved precisely as expected and just as we mentioned in our monthly report prices post forming a low near 31390 witnessed sharp reversal on the upside and recently formed a high near 34900 levels.
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